Hyperliquid >60% DEX perps share Q1 2025 event
Overview
Through the first part of 2025 Hyperliquid dominated on-chain perpetual futures trading, with reporting placing its share of decentralised perpetuals volume in the region of 70% and peaking around 73% during the first half of the year. That position reflected its purpose-built order-book L1 rather than an AMM design, and it made Hyperliquid the reference venue for perp DEX activity. Its share fell substantially later in 2025 and into 2026 as competitors such as Aster and Lighter took volume, dropping toward the 35–45% range depending on the period and data source.
Within the DeFi Intel graph, Hyperliquid >60% DEX perps share Q1 2025 connects to 1 tracked entity, most strongly to Hyperliquid L1.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
affected | Hyperliquid L1 | 85% |
Frequently asked questions
How dominant was Hyperliquid in early 2025?
Reporting on the first half of 2025 put Hyperliquid at roughly 70%, peaking near 73%, of decentralised perpetual futures volume.
Why did it lead the category?
Hyperliquid runs a purpose-built layer 1 with a central limit order book rather than an AMM, giving it centralised-exchange-like execution while remaining on-chain.
Did that dominance hold?
No. Its share declined through late 2025 and 2026 as rivals including Aster and Lighter grew, falling into roughly the 35–45% range depending on the measurement period and data provider.
Sources
Facts on this page were verified against the following sources.